Tanzania, one of Africa's most bio-diverse countries, has set aside over 28% of her land under various regimes of protected areas in order to conserve her globally unique base of wildlife and natural resources. However, wildlife migrations outside these protected areas continue to cause severe conflicts with with the growing rural populations and their associated human development activities. Hence the need for the new integrated approaches in community based conservation to address these evolving challenges. Wildlife Management Areas (WMAs) have emerged as Tanzania's best hope for mitigating the decline of wildlife outside the protected areasdue to human settlements, poaching and overall land degradation. This presentation makes a brief review of the challenges and prospects along the journey of establishing WMAs in Tanzania, and also draw some lessons for for making WMAs economically viable wildlife conservation enterprises.